Nornickel, the Russian mining giant, intends to raise the equity holdings of employees and other individuals to collectively comprise 25 per cent of the company, up from 10 per cent now.

Vladimir Potanin, its largest shareholder with 36 per cent shareholding, said that when Norilsk Nickel (Nornickel) was privatised, almost 25 per cent of its shares were owned by employees. He asserted that he waented to recover this historical justice and ensure that 25 per cent of the company’s shares are returned to the people.

He further said that the change would be contained in a 10-year programme called Digital Investor that would begin in 2023. It would involve digital financial assets and lock-up periods.

In July, Potanin floated the idea of a USD 60 billion merger of Nornickel with Rusal to mitigate possible sanctions risks. On Saturday, he said the idea had been postponed for now. Aluminium producer Rusal owns 26 per cent of the company.

Nornickel is the world’s top palladium and refined nickel producer. Founded in 1993, it was one of the biggest prizes in the post-Soviet carve-up of Russian industry in the 1990s. It currently employs about 72,000 people.